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Call Updates

Apache - APA - close: 75.74 change: -1.52 stop: 72.49

It was a volatile day for APA. The stock traded in a range from $78.11 to $74.07. News that hurricane Rita had been downgraded to a category four storm prompted some profit taking in the oil sector. APA came very close to filling the gap from last week so the new question is whether or not it will see any follow through on today's afternoon bounce. Our target is the $79.00-80.00 range.

Picked on September 18 at $ 73.42
Change since picked: + 2.32
Earnings Date 10/27/05 (unconfirmed)
Average Daily Volume = 2.6 million

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Cameco Corp - CCJ - close: 52.73 chg: -1.51 stop: 49.49

CCJ seems to be struggling to breakout over the $55.00 level with any conviction. Today's session was fueled by another round of profit taking and we'd still look for a dip toward the $51.50 level if not the $50 region. We would hesitate to initiate new positions here. Let's wait and see how far the stock might dip.

Picked on September 18 at $ 53.30
Change since picked: - 0.57
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume = 862 thousand

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Altria Group - MO - close: 71.91 change: +0.28 stop: 69.90

There was some initial weakness this morning but shares of MO bounced almost exactly at last week's low. This could be a new bullish entry point but readers may want to be cautious here. The action in the market today looks like an oversold bounce from short-term support so there could be more weakness ahead and it may depend on how much damage hurricane Rita does to the coast.

Picked on September 18 at $ 73.14
Change since picked: - 1.23
Earnings Date 10/19/05 (unconfirmed)
Average Daily Volume = 6.7 million

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Noble Energy - NBL - close: 46.51 chg: -0.08 stop: 43.24

NBL tagged another new all-time high under the $48.00 level this morning before joining the energy sector in a round of profit taking. Fortunately, there was a decent bounce off its lows of the session. We see no change from our previous updates. Our target is the $49.00-50.00 range.

Picked on September 11 at $ 44.90 *post-split price
Change since picked: + 1.61
Earnings Date 11/02/05 (unconfirmed)
Average Daily Volume = 796 thousand

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Noble Corp - NE - close: 70.99 change: -0.17 stop: 68.49*new*

Shares of NE continue to under perform and we don't like the intraday breakdown under the $70.00 level. The stock did bounce from the $69.00 region near its simple 50-dma so we're going to raise our stop loss to $68.49. We're not suggesting new plays.

Picked on August 31 at $ 71.30
Change since picked: - 0.31
Earnings Date 10/17/05 (unconfirmed)
Average Daily Volume = 1.8 million
 

Put Updates

Adobe Sys. - ADBE - close: 27.88 chg: +0.01 stop: n/a

We see no change from our previous update. This is a strangle play on ADBE's recent earnings report and we're in wait mode to see how far the post-earnings reaction will run. We are not suggesting new entries.

Picked on September 13 at $ 26.82
Change since picked: + 1.06
Earnings Date 09/15/05 (confirmed)
Average Daily Volume = 6.2 million

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Black & Decker - BDK - close: 82.94 chg: +0.76 stop: 85.05

Yesterday's oversold bounce from support continued today for BDK. The stock is now testing resistance at its exponential 200-dma near 85.50. A failed rally here or under $84 could be used as a new bearish entry point. Our target is the $78-77 range.

Picked on September 14 at $ 83.31
Change since picked: - 2.69
Earnings Date 10/25/05 (unconfirmed)
Average Daily Volume = 636 thousand

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Hovnanian - HOV - close: 51.32 chg: +0.94 stop: 55.01

Positive earnings numbers from KBH inspired a decent rally in the homebuilders and the DJUSHB index produced a 2.7% bounce. Shares of HOV followed with a 1.8% rebound from the $50.35 region. We believe that HOV is already short-term oversold and due for a bounce so readers may want to exit right here or hope for another dip back toward the $50.50 region. Currently our target is the $50.25-50.00 range.

Picked on September 18 at $ 54.75
Change since picked: - 3.25
Earnings Date 09/07/05 (confirmed)
Average Daily Volume = 1.2 million

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Hershey Co. - HSY - close: 55.50 change: +0.02 stop: 58.01

HSY dipped toward support near $55.00 (actually 54.85) before traders bought the dip. We do expect the stock to produce another oversold bounce tomorrow, especially if the broader market is positive on Friday. The 10-dma should act as overhead resistance.

Picked on September 14 at $ 57.90
Change since picked: - 2.40
Earnings Date 10/20/05 (unconfirmed)
Average Daily Volume = 760 thousand

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MBIA Inc. - MBI - close: 56.27 chg: +0.52 stop: 59.01

MBI did fall to a new relative low today (54.75) but bounced sharply by the end of the session. Thus far the rest of the trend remains bearish and we're targeting a move to the $54.25 mark.

Picked on September 13 at $ 57.75
Change since picked: - 1.48
Earnings Date 11/01/05 (unconfirmed)
Average Daily Volume = 1.2 million
 

Dropped Calls

None
 

Dropped Puts

None
 

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